The war, which began with U.S. and Israeli strikes against Iran on February 28, triggered Iranian attacks on Gulf states that host U.S. bases and caused major disruption to global energy supplies, raising fears of a surge in inflation.
Oil prices fell back on Wednesday, after settling on Tuesday at a new one-month high.
Analysts say that while the U.S. and Iran have gone back to sparring as they did before the interim ceasefire deal was signed, they are unlikely to return to full-scale war, though a risk of further escalation remains.
They say Iran is signalling it may use its Houthi allies in Yemen to shut Bab el-Mandeb, opening a new front against Washington and putting two of the world's most vital energy arteries at risk.
Bab el-Mandeb links the Red Sea to the Gulf of Aden, through which Saudi oil exports and a substantial share of global shipping pass. Some shippers have been returning to Red Sea routes after being deterred by Houthi attacks linked to the Gaza war that began in 2023.
As a result of this year's Iran war, Iran has been trying to assert permanent control over shipping in the Strait of Hormuz and to impose fees on vessels passing through it, in what would be a major shift of the balance of power in a region where the U.S. has long acted as guarantor of security.
The IRGC said on Wednesday the Hormuz Strait would stay closed until what it described as "the end of America's evils".
Shipping data showed an uptick in Iran-linked ships passing through the strait before a new U.S. blockade on Iranian ports took effect. The U.S. said on Wednesday it had redirected two commercial vessels attempting to breach the blockade.
U.S. President Donald Trump, who faces domestic pressure to avoid a full return to war, on Tuesday threatened to hit Iranian power plants and bridges next week unless Tehran resumes negotiations.
"I'll save the energy targets for last, but ultimately we'll hit energy targets," Trump said.
U.S. negotiators had been in touch with their Iranian counterparts to tell them "you better make a deal," Trump added.
As tensions escalated, Trump on Monday floated the idea of a 20% fee on shipping through the strait. On Tuesday, he scrapped the idea and said, without providing details, that he would instead seek investment deals with Gulf states.
The war has killed thousands of people and displaced millions, mainly in Iran and Lebanon, where conflict restarted between Israel and Iran-backed militant group Hezbollah.
Iranian government spokesperson Fatemeh Mohajerani said at least 30 civilians had been killed in recent days due to the U.S. strikes on southern Iran, state media reported on Wednesday.
Iran's army said at least seven active-duty and conscript personnel were killed in overnight U.S. strikes on the Bampur military base in the country's southeast.
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